Chesapeake Realty Partners (CRP) and Bernstein Management Corp. (BMC) are constructing six new apartment communities comprising 1,250 residences in Maryland, Virginia and Washington, D.C. The $250 million investment marks the first joint venture between CRP and BMC.
The project is the result of both companies taking advantage of a troubled real estate market.
“These projects were sourced over the past three years and acquired at favorable prices in the downturn,” said Lawrence M. Macks of CMP. “All are now ripe and ready to go. Construction has already begun on four of them.”
The majority of the properties are in Maryland. The joint venture managed to snare one of downtown Silver Spring’s few undeveloped tracts at 900 Thayer Ave. The property will include 124 apartments, 5,000 square feet of ancillary retail space and attached structured parking. Construction is slated to begin in the winter.
Paragon at Columbia Gateway is being constructed on the largest undeveloped residentially zoned parcel in Columbia. Leasing at the 320-unit complex is scheduled to commence in the winter.
The Winthrop, a 295-unit community being built in Towson, is scheduled to begin leasing next summer. Located near Towson University and Goucher College, the Winthrop features 3.7 million square feet of office space and 1.5 million square feet of retail space.
Rounding out the Maryland properties is 2 E. Wells St. in South Baltimore. The project consists of 153 loft-style apartments, 6,000 square feet of retail space and attached structured parking. Leasing is set to begin in the spring.
The joint venture’s lone property in Washington is located at 2251 Wisconsin Ave. in the Glover Park neighborhood. The community’s 82 residential units are to be built on what is presently a surface parking lot. Additionally, CRP and BMC are renovating and expanding an existing 28,277-square-foot retail building on the property. Leasing will commence in the spring.
The last project is Accotink Village Fort Belvoir, located at the Tulley Gate, where Fairfax County Parkway and Route 1 converge in Southeast Fairfax County, Va. The community consists of 283 apartments, 10,000 square feet of retail space and attached structured parking. Leasing is set to begin in the winter.